Wednesday, 17 September 2008 04:59

Progress Software Corporation Completes Acquisition of IONA Technologies plc

Progress Software Corporation (NASDAQ: PRGS), a global supplier of application infrastructure software used to develop, deploy, integrate and manage business applications today announced that all regulatory and legal requirements have been satisfied and that the acquisition of IONA Technologies plc is now complete. Progress acquired IONA for an aggregate purchase price of approximately US$162 million and approximately US$107 million net of cash and marketable securities reported on June 30, 2008, which it funded with existing cash resources.

Joseph Alsop, co-founder and chief executive officer of Progress Software commented: "The addition of IONA will strengthen Progress' position as the industry's independent choice for infrastructure software supporting heterogeneous, distributed IT environments implementing a Service Oriented Architecture (SOA).

“IONA's products complement the Progress SOA portfolio with leading edge, best-in-class technology and enable a wider variety of interoperability and deployment options, including the support of high-performance, mission-critical systems based on C++ and CORBA. Moreover, Progress intends to leverage IONA's leadership role in standards bodies and open source software development."

In connection with the acquisition, Progress expects to issue options to purchase an aggregate of 542,800 shares of Progress common stock to approximately 90 former IONA employees who have joined Progress as part of the acquisition. The grants will be made pursuant to Progress' 2004 Inducement Stock Plan and are subject to the approval of the Compensation Committee of Progress' Board of Directors.

Progress expects to provide updated financial guidance with respect to the 2008 fiscal year reflecting the IONA acquisition in connection with its upcoming third quarter earnings release and conference call currently scheduled for September 18, 2008.

About Progress Software Corporation
Progress Software Corporation (NASDAQ: PRGS) provides application infrastructure software for the development, deployment, integration and management of business applications. Our goal is to maximize the benefits of information technology while minimizing its complexity and total cost of ownership. Progress can be reached at .
Read 2845 times

Subscribe to ITWIRE UPDATE Newsletter here


The much awaited iTWire Shop is now open to our readers.

Visit the iTWire Shop, a leading destination for stylish accessories, gear & gadgets, lifestyle products and everyday portable office essentials, drones, zoom lenses for smartphones, software and online training.

PLUS Big Brands include: Apple, Lenovo, LG, Samsung, Sennheiser and many more.

Products available for any country.

We hope you enjoy and find value in the much anticipated iTWire Shop.



iTWire TV offers a unique value to the Tech Sector by providing a range of video interviews, news, views and reviews, and also provides the opportunity for vendors to promote your company and your marketing messages.

We work with you to develop the message and conduct the interview or product review in a safe and collaborative way. Unlike other Tech YouTube channels, we create a story around your message and post that on the homepage of ITWire, linking to your message.

In addition, your interview post message can be displayed in up to 7 different post displays on our the site to drive traffic and readers to your video content and downloads. This can be a significant Lead Generation opportunity for your business.

We also provide 3 videos in one recording/sitting if you require so that you have a series of videos to promote to your customers. Your sales team can add your emails to sales collateral and to the footer of their sales and marketing emails.

See the latest in Tech News, Views, Interviews, Reviews, Product Promos and Events. Plus funny videos from our readers and customers.



Related items

Share News tips for the iTWire Journalists? Your tip will be anonymous




Guest Opinion

Guest Interviews

Guest Reviews

Guest Research

Guest Research & Case Studies

Channel News